APR Credit CardLearn more about APR Credit Card

Having huge debts is really frustrating. The whole scene is not really good and healthy to anyone. No one wants to be in such a frightening situation. But if you are already experiencing it, what are you going to do?
When you hear the news and advertisements about 0% APR credit card, surely, you would want to be engaged in this kind of deal right there and there. You could even view it as a magic wand of your fairy god mother who you think had answers all of your wishes. Well dream on. There is no fairy god mother, no magic wand and there is really no such thing as zero when it comes to credit cards.
There are a number of 0 APR credit cards in the marketplace. These 0 Interest credit cards offer cardholders zero percent on new purchases and certain 0 APR credit card offers also allow balance transfers, lowering the interest burden even further. These types of 0 APR credit cards are offered by popular credit card lenders including American Express, Citibank, Chase, HSBC, and Discover. These cards have many benefits to offer if you have a good to excellent credit rating.
The zero percent offered with these cards is not permanent. They are just introductory price. It is typically offered for ninety days to as long as 12 months. At the end of the interest-free or zero percent periods, cardholders will have to pay a higher ongoing interest rate. Generally, these rates could vary between 10 % - 14% and sometimes can be as high as 24%.
When you want to purchase something expensive but cannot find another way to finance it, then you will really find a 0% APR credit card as an ideal one.  Will have the introductory buffer period to pay off the expense and no interest charges for the in.  But remember, you should pay the purchase off before the introductory APR expires.
Most 0 Interest credit cards allow balance transfers from your existing higher interest cards and many will waive the transfer fees. If you want substantial savings on the interest charges incurred, then this is one of the best methods to pay off debts at a faster rate.
It is possible that a single credit card can have multiple APRs. It may also include one APR for balance transfers, one for purchases, and one for cash advances – the APR normally would be higher for cash advances compared to balance transfers and purchases, Tiered APRs, Introductory APR, Penalty APR. Tiered APRs means there are different APR levels can be assigned for different account balance levels or tiers, e.g., 15% for balances between $1 - $500 and 17% for balances higher than $500, etc.. Introductory APR is 0 APR as the introductory offer and a higher rate upon expiration of the introductory period. And the Penalty APR may apply if you are late with your payments.
It is essential to be informed about the often-untold catches in these lucrative offers. There are actually traps to watch out for.
You already know that 0 APR offered is only for a limited period. This implies that purchases made during this period will not attract any interest. You need to be cautious about the expiry period and remember to pay off before the period ends inorder to avoid hefty interest charges.  The period may vary from 3 months to 12 months. Once the introductory period is over, the 0 APR credit card may have a ridiculously high interest rate like 20% or higher.
Late payments will result in penalties that include shifting the remaining balance to a much higher APR because most of these 0 Interest credit cards require you to pay the minimum payment on time every month during the introductory period.
You must understand their credit card terms clearly. Certain 0 APR cards require you to pay off the balance entirely before the expiration period of the introductory offer.  If not, the default high interest rate could be applied to the entire balance.
There are some cards that offer 0 APR on balance transfers only with higher applicable APR’s on new purchases even though most of the 0 Interest cards offer the 0 APR on new purchases and balance transfers in the introductory period.
Certain cards may have a cap or limit on the balance transfer amount. This means that the 0 APR will apply only for the amount within the cap limit and anything more will be charged the default higher APR. You should also look at the other fees. Some credit card companies compensate the 0 APR by charging high annual fees or transfer fees on balance transfers.
It is essential to compute credit balances, interest rates, and your pay off capability, before you seriously consider a 0 APR credit card. Understanding the fine print could have substantial savings apart from trouble free credit rating.
Not all attractive offers can be a clue that it is really great. Make decision wisely.